Science & Technology Perimeter 81 joins the unicorns after $100m funding round By Reuters June 6, 2022 Unsplash Perimeter 81 develops secure network products for remote working Perimeter 81 is now valued at $1 billion, the Israeli cybersecurity startup has revealed, gaining unicorn status after it raised $100 million to fund product development. The fundraising, led by B Capital, marked a jump in valuation from its last round in August 2020, when the company was valued at $200 million. ION Crossover Ventures and existing investor Insight Partners also participated in the round. Perimeter 81 offers secure network solutions for hybrid working on its cloud-based platform, including zero trust network access, firewall as a service and VPN as a service. The four-year-old cybersecurity company, which is not yet profitable, said on Monday it had more than doubled its annual recurring revenue year-on-year, and is on track to generate tens of millions of dollars in revenue this year. Revealed: top co-working spaces in the Gulf The fresh capital will be invested in development to help achieve the company’s goal to build a platform that offers one-stop solutions for corporate network security, said Amit Bareket, co-founder and chief executive officer. “With employees working from anywhere and businesses moving to the cloud, we’ve doubled down to build a platform where we’ll allow businesses from any size to build a secure corporate network over the internet without installing any physical infrastructure,” Bareket said. The Tel Aviv-based company, which initially targeted medium-sized enterprises with fewer than 5,000 employees, has quickly emerged as a leading player in zero-trust network access, an area companies have been investing in more to accommodate remote working during the pandemic, as traditional security systems such as on-premises firewalls are becoming less relevant. Perimeter 81 now has offices in New York and Los Angeles. The company claims to serve about 2,400 global customers across industries, including IT company Ingram Micro and telehealth firm Hims & Hers, with more than half of its revenue coming from the United States.